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German flash PMIs not as expected

MNI (London)
  • German flash PMIs did not follow market expectations this morning, with the toll of the fourth wave on services grossly underestimated.
  • Flash manufacturing surprised markets with a slight recovery, coming in a whole point above the Bloomberg consensus at 57.9 (forecast: 56.9, previous: 57.4) as supply chain disruptions saw some easing and input output cost inflation eased somewhat.
  • On the other hand, the German prelim services PMI dropped over four points to a 10-month low of 48.4 (forecast: 51.0, previous: 52.7), signaling a contraction in the industry at 2.6 points below the forecast.
  • The stark contraction in services saw the flash composite PMI reading drop to an 18-month low at the breakeven point of 50.0 (forecast: 51.1, previous: 52.2).

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